Through its bulk land action, the Visakhapatnam Metropolitan Region Development Authority (VMRDA) is once more testing the waters. Ten bulk land parcels were originally scheduled to be put up for auction by the VMRDA in September 2022. The lacklustre response from the buyers prevented the auction from moving forward.
The VMRDA even received approval from the authorities to divide the bulk lands into smaller pieces in the months that followed. They have this time received a 10 per cent price reduction in accordance with the most recent notification the VMRDA issued regarding the sale of seven bulk land parcels. For a few pieces in Madhurawada, the upset price per square yard was previously set at Rs 400 billion. The cost has now been lowered to Rs 360 billion. Similarly, the bulk land pocket in Thummapala has been reduced from Rs 80 billion to Rs 72 billion per square yard.
Despite the fact that these plots cover acres, potential buyers must offer more than the asking price per square yard. Additionally, the buyers must display all of the white money associated with this government transaction. Some potential buyers are waiting for the state capital to formally move to Vizag. There are some land parcels in the emerging real estate market that will be auctioned off.
The applications will be accepted until May 9, and the auction will take place on May 11, according to VMRDA officials. In light of the recent announcement by the chief minister, Y S Jagan Mohan Reddy, that he will soon relocate to Visakhapatnam, the VMRDA officials anticipate a good number of applications this time. Prospective buyers may be attracted by the 10 per cent price reduction.
These seven parcels of land are spread throughout the combined Visakhapatnam district, from Bonangi in Parawada and Thummapala in Anakapalli to Madhurawada in the suburbs of Vizag.
Since the current public demand for plots in Vizag can be determined from the auction of these government plots, the demand for these land parcels will also have an impact on the private real estate endeavours. Due to the reputation of these lands as being free of litigation, the VMRDA's auctions typically see strong demand. The demand will also increase due to the VMRDA brand.
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